DENVER, Jan. 16, 2001 (BUSINESS WIRE) — Metretek Technologies Inc. (Nasdaq:MTEK – news) today announced that its subsidiary, PowerSecure Inc., has been awarded a $3.2 million distributed generation project under its contract with a major U.S. corporation.
Distributed generation involves the design and construction of electric generation equipment and controls directly within a commercial or industrial customer’s facility.
The onsite equipment provides the customer’s plant with supplemental and backup power generation capacity, and, in many cases, may also provide the customer with stable power quality and a real-time means by which to mitigate electricity price spikes such as those currently being seen across the country.
In September 2000, Metretek announced the formation of PowerSecure and its contractual relationship with a major industrial company to develop distributed generation projects. The $3.2 million contract represents the first project in this important relationship. The project is expected to be completed in the second quarter of 2001.
“This project is a milestone for PowerSecure,” said Sidney Hinton, president and chief executive officer of PowerSecure. “Not only does it provide a substantial contribution to our financial goals for the year, it demonstrates meaningful market acceptance of our business plan. We are pleased and excited that our customer has entrusted us with the responsibility of making this project a reality.”
“This contract reinforces our belief that PowerSecure will be an important component in the future of Metretek,” noted W. Phillip Marcum, the company’s president and CEO.
Marcum further noted that Metretek’s PowerSpring subsidiary completed execution of its agreement with the Institute of Real Estate Management (IREM�). Metretek announced this relationship in October 2000.
According to Marcum: “This relationship is an important step in development of the PowerSpring product. We look forward to working with IREM to bring economic energy solutions to its members via the Internet.”
IREM Members, as CPMs and ARMs, and Affiliated Associations, represent owners of approximately 10 billion square feet of office space and 8 million housing units, representing in excess of one-quarter of the investment grade commercial and apartment real estate in the United States.
Marcum also announced that A. Bradley Gabbard, currently executive vice president of Metretek, has been named to the additional offices of president and CEO of PowerSpring Inc.
“We are making this change to better allocate our internal managerial resources and allow Mr. Hinton, formerly the president and CEO of both PowerSecure and PowerSpring, to focus exclusively on the PowerSecure effort,” said Marcum.
Metretek Technologies, through its subsidiaries — PowerSpring Inc., PowerSecure Inc., Metretek Inc. and Southern Flow Cos. Inc. — is a diversified provider of energy technology products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity.